Kynect Cost Concerns

Kynect Cost Concerns

Kentucky has about 640,000 people without health insurance. October 1st, Kentucky started enrollment in Kynect, a branch of the Affordable Care Act. Soon, everyone will be required to have health insurance or be forced to pay a fine.

A major concern for some of these people is how they will be able to afford Kynect.

Kynect offers four levels of health coverage with different premiums and deductibles.

People may be able to get help paying for Kynect through tax credits and cost sharing depending on income.

“The tax credit helps with the cost of the premium of the health insurance plan and the cost sharing reduction helps with the out of pocket costs, those deductibles and co-insurance,” said Fordham.

Kynect expanded Medicaid to cover more people. Even if someone wasn’t eligible in the past, they may qualify under the new rules.

“Single childless adults who were not eligible for Medicaid, are now eligible,” said Fordham who also says people on Medicaid will not have to pay a premium.

According to Kentucky, only about 50,000 people who don’t have health insurance will have to pay the full premium.

Kynect enrollment runs through March 31st with the earliest coverage going into effect January 1st.